Laurel Krueger
About Laurel Krueger
Laurel Krueger is Senior Vice President, General Counsel, and Corporate Secretary of Champion Homes, Inc. (SKY). She joined the company in June 2024 as Deputy General Counsel and was appointed SVP, General Counsel and Secretary on August 1, 2024; she is 50 years old and holds a J.D. from the University of Michigan and B.A./M.B.A. from the University of Michigan–Dearborn . Her annual cash bonus is tied 50% to consolidated EPS and 50% to consolidated revenue; in fiscal 2025 the performance achievement factor was 115.5%, resulting in a prorated bonus of $348,579; long-term PSUs measure multi-year TSR percentile and single-family home completion market share, vesting over a three-year period ending March 25, 2028 . The compensation program emphasizes pay-for-performance and heavy equity weighting; options are no longer granted and were excluded from long-term incentives since fiscal 2021 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Champion Homes (SKY) | Deputy General Counsel | June 2024–Aug 2024 | Not disclosed |
| Champion Homes (SKY) | SVP, General Counsel & Corporate Secretary | Aug 2024–present | Not disclosed |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Express, Inc. | Sr. Vice President, Chief Legal Officer & Corporate Secretary | Sep 2021–prior to June 2024 (joined SKY in June 2024) | Not disclosed |
| Kontoor Brands, Inc. | EVP, General Counsel & Corporate Secretary | Jan 2019–Sep 2021 | Not disclosed |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % of Salary | Target Bonus ($) | Actual Bonus Paid ($) |
|---|---|---|---|---|
| FY2025 | 375,000 | 100% | 375,000 | 348,579 (115.5% payout; prorated) |
| FY2026 (approved, effective start of FY) | 388,000 | Not disclosed for FY2026 | Not disclosed | Not disclosed |
| FY2025 actual salary paid | 302,885 (prorated for time in role) | — | — | — |
Notes:
- FY2025 bonus metrics weighting: EPS 50%, Revenue 50% .
- FY2025 performance achievement factor: 115.5% .
Performance Compensation
Annual Incentive Bonus – FY2025
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Consolidated EPS | 50% | Not disclosed | Not disclosed | Included in 115.5% overall payout | Cash; paid per Bonus Plan |
| Consolidated Revenue | 50% | Not disclosed | Not disclosed | Included in 115.5% overall payout | Cash; paid per Bonus Plan |
Long-Term Equity Awards – Grants
| Award Type | Grant Date | Number of Shares/Units | Grant Date Fair Value ($) | Vesting Terms |
|---|---|---|---|---|
| RSU (Annual) | 3/25/2025 | 3,985 | 390,012 | 1/3 on each of first 3 anniversaries; double-trigger CIC accelerates; next one-third vests on involuntary termination/Good Reason; full vest on death/disability |
| PSU (Annual, target units) | 3/25/2025 | 3,985 | 490,394 | 3-year performance period to 3/25/2028; TSR percentile and market share metrics; CIC vests at ≥100% or measured performance; limited post-termination eligibility for 1 year then forfeiture if no vesting event |
| RSU (Promotion grant) | 8/01/2024 | 6,720 | 528,662 | 1/3 on each of first 3 anniversaries; subject to same RSU terms |
| RSU (Special retention award) | 8/14/2025 | Target value $1,000,000 (units not disclosed) | 1,000,000 (target) | 1/3 on each of the first 3 anniversaries; subject to RSU award agreement |
PSU Performance Curve (FY2025 awards; 3-year cycle)
| Metric | Threshold | Target | Maximum | Vesting/Other Terms |
|---|---|---|---|---|
| TSR Percentile vs peers | 25th → 50% payout | 55th → 100% payout | 80th → 200% payout | Straight-line interpolation; CIC vests at 100% or measured performance if employed at CIC |
| Single-Family Home Completion Market Share | 2.50% → 50% payout | 2.75% → 100% payout | 3.00% → 200% payout | Straight-line interpolation; 3-year performance to 3/25/2028 |
Equity Ownership & Alignment
| Category | Detail | Value |
|---|---|---|
| Beneficial ownership (as of 6/2/2025) | Shares owned | 2,240 (less than 1%) |
| Outstanding unvested RSUs (as of 3/29/2025) | Units | 10,705; market value $1,007,126 (at $94.08/share) |
| Outstanding PSUs at target (as of 3/29/2025) | Units | 3,985; market value $374,909 (at $94.08/share) |
| Stock options | Exercisable/unexercisable | None for Krueger ; options not used since FY2021 |
| Ownership guidelines | Requirement/compliance | Not disclosed |
| Pledging/hedging | Status | Not disclosed |
| Clawback/recoupment | Policy reference | RSU/PSU agreements reference Company’s Compensation Recoupment Policy |
RSU Vesting Schedule (known grants)
- 8/01/2024 RSU (6,720 units): 2,240 units each on 8/01/2025, 8/01/2026, 8/01/2027 .
- 3/25/2025 RSU (3,985 units): equal 1/3 installments on 3/25/2026, 3/25/2027, 3/25/2028 (rounded down per tranche; 100% by third anniversary) .
- 8/14/2025 special RSU (~$1,000,000 target value; units not disclosed): vesting on 8/14/2026, 8/14/2027, 8/14/2028 .
Acceleration terms:
- Next one-third of RSUs vests on involuntary termination without cause or voluntary termination with Good Reason; full RSU vesting on death/disability; RSUs vest on double-trigger (CIC + Qualifying Termination within 12 months) .
Employment Terms
| Term | Detail |
|---|---|
| Employment agreement | Yes (provides base salary, annual bonus opportunities, equity grants, severance benefits, participation in benefits, expense reimbursement) |
| Start date in current role | August 1, 2024 |
| Non-compete/non-solicit | Applies during employment; for NEOs with employment agreements, 18 months post-termination; confidentiality perpetual; violations can trigger cause and award termination/recoupment |
| RSU termination terms | Next one-third vests on involuntary termination/Good Reason; full vesting on death/disability; double-trigger CIC vesting within 12 months post-CIC |
| PSU termination terms | Limited eligibility for one year post-termination for vesting events; otherwise forfeited; CIC vesting at ≥100% or measured performance if employed at CIC |
Potential Payments Upon Termination or Change of Control (as of 3/29/2025)
| Scenario | Salary Continuation ($) | Health Insurance Subsidy ($) | Annual Incentive Bonus ($) | Long-Term Equity Award ($) |
|---|---|---|---|---|
| Death/Disability | — | 6,000 | 187,500 (est. 50% of target) | 1,007,126 |
| CIC without Qualifying Termination | — | — | — | 374,909 |
| CIC with Qualifying Termination | — | — | — | 1,382,035 |
| Involuntary Termination without Cause or Voluntary Termination with Good Reason | 375,000 | 12,000 | — | 335,677 |
Definitions: CIC = Change-in-Control; Qualifying Termination as defined in RSU/PSU agreements and the Equity Incentive Plan .
Investment Implications
- Alignment: Heavy equity mix with RSUs and PSUs (83% of compensation variable for Krueger) aligns pay with shareholder outcomes; PSU metrics directly tie to TSR and market share over three years .
- Retention: August 2025 one-time RSU award of $1,000,000 indicates explicit retention focus amid “challenging market environment,” reducing near-term flight risk but increasing future vesting overhang through 2028 .
- Selling pressure signals: Upcoming RSU vesting dates (Aug and March anniversaries) represent predictable supply events; promotion grant tranches are known and special RSU tranches will hit annually starting Aug 2026, though actual sell decisions are unknown .
- Change-in-control economics: Double-trigger vesting mitigates windfall risk unless followed by a qualifying termination; severance is modest (1x salary) with limited health subsidies, suggesting balanced protection without excessive parachutes .
- Governance/controls: Non-compete/non-solicit (18 months) and recoupment provisions deter opportunistic exits and misconduct; no stock pledging or hedging practices disclosed; no options outstanding reduces leverage risk .
Overall, compensation structure is performance-weighted with clear retention mechanics (special RSU) and moderate severance, suggesting alignment with shareholders while signaling scheduled equity supply around vest dates.